Until recently, MedMen was America’s biggest cannabis company, and its young founders lived accordingly. There were private jets to Las Vegas, a mansion in the Hollywood Hills, and opulent dinners at A-list sushi restaurants.
Attracted by a blizzard of positive publicity and buzzy profiles in outlets such as Time magazine and Forbes, investors could not stop pumping cash into the “Starbucks of weed”, and MedMen could not stop spending it.
Now, though, MedMen’s share price has collapsed amid accusations of greed, excess and untrammelled ego. Founder Adam Bierman has stepped down as chief executive and the company has gone from being industry pioneer to cautionary tale, as many of the early profits made during America’s “green rush” legalisation go up in smoke.
Read more at thetimes.co.uk